Description

“Millennials have been a focal point for marketers for over a decade. But it is important to evolve with these consumers rather than leaning on past assumptions.
This is now a fragmented generation as individuals have followed varying life paths. That makes it more challenging to connect with them broadly, requiring more tactical approaches.”
– Scott Stewart, Associate Director, Lifestyles & Retail

Key issues covered in this Report

  • How Millennials’ lives have changed since the start of the pandemic.
  • Their priorities for the rest of 2022.
  • Their satisfaction with their lives over the past year.
  • Which social media platforms they use and what types of accounts they follow.
  • Their financial situation and attitudes towards investing.

Table of Contents

  1. Overview

    • What you need to know
    • Key issues covered in this Report
    • Definition
  2. Executive Summary

    • Top takeaways
    • Market overview
      • Figure 1: Category outlook, 2022-27
    • Opportunities
    • Millennials have become more predictable and stable
    • Millennials are at the beginning of the rest of their lives
    • Millennials’ digital habits make them easy to reach
    • Challenges
    • Millennials are a fragmented group, making it difficult to speak to the whole generation
  3. Target Audience – By the Numbers

    • There are more than nine million Millennials in Canada
      • Figure 2: Population, by generation, 2021
    • A profile of Millennials
    • Half of Millennials are married, half are parents, half own a home
      • Figure 3: Marital status, by generation, 2022
      • Figure 4: Parental status, by generation, 2022
      • Figure 5: Current living situation, by generation, 2022
    • Millennials do not have a unique political perspective
      • Figure 6: Political beliefs, by generation, 2022
      • Figure 7: I am a sustainable consumer (% agree), by generation, 2021
  4. Market Factors

    • Home ownership is a point of delineation for Millennials
      • Figure 8: New Housing Price Index, May 2010-May 2022
    • Homeowners are not in the clear as interest rates increase
    • Inflation is the top concern, but interest rates could also be a problem
      • Figure 9: Rising prices and inflation as concerns over the next six months, by generation, 2022
    • Millennials experienced a more stable labour market than Gen Z
      • Figure 10: Unemployment rate (%), by age, May 2019-May 2022
    • Remote work became common for Millennials
    • Millennials are cord-cutters
      • Figure 11: Video platform access, overall vs Millennials, 2021
    • A timeline of digital technology
  5. Competitive Strategies

    • Acknowledging Millennials’ accomplishments
      • Figure 12: Coors Seltzer Canada Instagram post, June 2022
    • It’s time for Millennials to celebrate nostalgia
      • Figure 13: Friends The Experience Instagram post, May 2022
      • Figure 14: Crocs Instagram post, February 2022
    • Disney exemplifies how to have a diverse approach to Millennials
      • Figure 15: Disney Plus Canada Instagram post, May 2022
    • Evolving with Millennials as they age
      • Figure 16: Vital Proteins Canada Instagram post, May 2021
  6. Marketing to Millennials – Fast Facts

  7. Millennials’ Life Events During the Pandemic

    • Most Millennials have had important life events during the pandemic
      • Figure 17: Life events since the start of the pandemic, 2022
    • A quarter of Millennials live somewhere different than they did pre-pandemic
      • Figure 18: Relocations since the start of the pandemic, by generation, 2022
    • One in ten Millennials bought a home during the pandemic
      • Figure 19: Bought a house/apartment/condo since the start of the pandemic, by generation, 2022
      • Figure 20: Bought a house/apartment/condo since the start of the pandemic, Millennials by household income, 2022
    • A quarter of Millennials have had a job change since the start of the pandemic
      • Figure 21: Job changes since the start of the pandemic, by generation, 2022
    • Household composition changed for one in three Millennials
      • Figure 22: Household changes since the start of the pandemic, by generation, 2022
    • New children were more common among parents who already had kids
      • Figure 23: Had/adopted a child since the start of the pandemic, Millennials by number of children in household vs overall, 2022
      • Figure 24: Babies R Us Canada Instagram post, February 2022
  8. Priorities for 2022

    • Millennials’ immediate priorities are money, health and family
      • Figure 25: Priorities for the rest of 2022, Millennials, 2022
    • Priorities have shifted since last year
      • Figure 26: Priorities for the rest of the year: 2021 vs 2022, Millennials, 2021-2022
    • Finances are a particular concern for those who are struggling
      • Figure 27: Prioritizing finances for the rest of 2022 (NET: any rank), Millennials by financial situation, 2022
    • Lifestyles are a meaningful factor in prioritization of careers
      • Figure 28: Prioritizing career/job for the rest of 2022 (NET: any rank), Millennials by parental, marital and employment status, 2022
      • Figure 29: Prioritizing career/job for the rest of 2022 (NET: any rank), by generation and parental status, 2022
    • Family priorities make Millennials different than Gen Z
      • Figure 30: Personal life priorities for the rest of 2022 (NET: any rank), by generation, 2022
      • Figure 31: Prioritizing family life/family relationships for the rest of 2022 (NET: any rank), Millennials by gender and parental status, 2022
      • Figure 32: Walmart Canada Facebook post, June 2022
    • Quebecers want to make their social lives a priority
    • Health and wellness will soon become a bigger concern for Millennials
      • Figure 33: Wellness priorities for the rest of 2022 (NET – any rank), by generation, 2022
      • Figure 34: Wellness priorities for the rest of 2022 (NET – any rank), Millennials by household income, 2022
      • Figure 35: Running Room Instagram post, June 2022
  9. Life Satisfaction

    • Most Millennials are satisfied with their lives
      • Figure 36: Satisfaction with life over the past year, by generation, 2022
    • Life satisfaction is closely correlated to lifestyles
      • Figure 37: Satisfaction with life over the past year (NET: any satisfied), Millennials by household income, home status and employment status, 2022
    • Men are more satisfied with the past year than women, and marriage plays a role
      • Figure 38: Satisfaction with life over the past year (NET: any satisfied), Millennials by gender and marital status, 2022
    • Taking stock of where they are in life
      • Figure 39: Current perspective on life (% agree), by generation, 2022
    • Job satisfaction plays a role in life satisfaction
      • Figure 40: Attitudes towards jobs and careers (% agree), 2022
      • Figure 41: Very/somewhat satisfied with life overall over the past year, by attitudes towards jobs and careers, 2022
      • Figure 42: ZipRecruiter Instagram post, April 2022
      • Figure 43: Trivago Instagram post, June 2022
    • Parents have higher satisfaction than non-parents
      • Figure 44: Satisfaction with life over the past year, Millennials by parental status, 2022
    • Half of Millennials are parents
      • Figure 45: Casino Niagara Instagram post, January 2020
      • Figure 46: Great Wolf Lodge Instagram post, May 2022
  10. Social Media Platforms and Follows

    • Facebook is still Millennials’ most common social media platform
      • Figure 47: Social media platform usage frequency (NET: daily), by generation, 2022
    • Compared to Gen Z, Millennials are more focused on ‘real-life’ celebrities
      • Figure 48: Celebrity follows on social media, by generation, 2022
    • Millennials on Instagram are the most likely to follow actors/musicians
      • Figure 49: Celebrity follows on social media: actors/musicians and professional athletes, Millennials by social media usage, 2022
      • Figure 50: Cristiano Ronaldo Twitter post, June 2022
    • Men are the most likely to follow pro athletes on social media
    • Millennial men and women follow different brands on social media
      • Figure 51: Brand follows on social media, Millennials by gender, 2022
    • Tech and clothing brands resonate with diverse Millennials
      • Figure 52: Brand follows on social media, Millennials by place of origin, 2022
    • Social media can be a central news source for Millennials
      • Figure 53: Follow news outlets on social media, by generation, 2022
      • Figure 54: CTV News Facebook post, June 2022
    • YouTube usage and categories
      • Figure 55: YouTube visit frequency, by generation, 2022
      • Figure 56: Types of YouTube videos watched, overall vs Millennials, 2022
    • YouTube can be used to connect with diverse Millennial audiences
    • Using that approach to connect with Quebec
      • Figure 57: Types of YouTube videos watched, Millennials: overall vs Quebec, 2022
  11. Millennial Finances

    • Most Millennials are working
      • Figure 58: Full-time employment, by generation, 2022
    • Gender differences align with other generations
      • Figure 59: Full-time employment, by generation and gender, 2022
    • Millennials generally prefer more predictable working situations
      • Figure 60: Preferred work situation, by generation, 2022
    • As retirement planning becomes important, student debt is still a factor
      • Figure 61: Current finances (% agree), by generation, 2022
      • Figure 62: Current finances (% agree), Millennials by household income, 2022
    • Retirement planning is most common among parents and homeowners
      • Figure 63: HSBC Canada Instagram post, January 2022
    • Using positive messaging around Millennial retirement planning
    • Millennials are open to some financial risk
      • Figure 64: Preferred financial savings approach, by generation, 2022
    • Multicultural Millennials are more open to risk
      • Figure 65: Preferred financial savings approach, Millennials by race, 2022
    • Men are higher-risk financial savers than women
      • Figure 66: TD Easy Trade: Becoming an Investor, February 2022
    • Millennials should be shown how to leverage stable income for higher-risk strategies
  12. Appendix – Data Sources and Abbreviations

    • Data sources
    • Consumer survey data
    • Consumer qualitative research
    • Mintel Trend Drivers
    • Abbreviations and terms
    • Abbreviations
    • Terms

About the report

This market report provides in-depth analysis and insight supported by a range of data. At the same time, introductory and top-level content is provided to give you an overview of the issues covered.

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Data

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